JPMorgan has signed London-based Henderson Global Investors to its recently-launched outsourcing services for hedge fund operations and administration.
Under the multi-year contract, JPMorgan Hedge Fund Services (HFS) will provide daily middle and back office services for Henderson's hedge fund operations. Henderson employees will transfer to JPMorgan as part of the deal.
Commenting on the agreement, Shirley Garrood, chief operating officer at Henderson, says "Our aim was to find a sustainable solution for a fast growing part of our business which allows us to build and launch new funds quickly into the market. Underpinning this is a requirement for a fully connected middle and back office daily solution, supported by strong investor servicing capabilities. The above factors, in particular, played to JPMorgan's strengths."
The hedge funds will be serviced by JPMorgan HFS's new London office.
The agreement comes two months after JPMorgan HFS acquired the middle and back office operations of Paloma Partners Management Company as part of a strategic programme to build a complete suite of outsourced services for hedge funds.